TH Econ Quiz

Declan runs a company that sells My Little Pony stuffed animals. It costs Declan's company $3 to produce a stuffed animal, and the stuffed animals sell for $15 (Rainbow Dash is a huge seller). Declan makes $12 of...

• Innovation

• Consumer

• Profit

• Scarcity

The way goods and services are produced and consumed is known as a(n)...

• service.

• economy.

• competition.

• entrepreneur.

Nolan owns and operates an ice cream truck that sells his own homemade ice cream. A new milking technique is invented that increases the amount of milk dairy cows produce by 15%. What will most likely happen to the price of Nolan's ice cream?

• The price of ice cream will increase.

• The price of ice cream will decrease.

• The price of ice cream will stay about the same.

• This is a distractor answer. It's wrong. Don't click it.

In this economy, the government controls what is produced, how it is produced, and who it receives which goods.

• Traditional economy

• Command economy

• Market Economy

In this economy, people are free to purchase what they want (mostly), and businesses choose what to produce based on what can make a profit for the company.

• Traditional Economy

• Command Economy

• Market Economy

If the supply of a product increases, and the demand for the product stays the same, the price will most likely...

• increase.

• decrease.

• stay about the same.

Ava founds and operates a fashion company called Totally Cute Bracelets4U. The company is just starting out, but Taylor Swift wore a TCB4U bracelet in the music video for her new song "My Ex Did Stuff." Demand for TCB4U bracelets will most likely ___________, and price will most likely ____________.

• increase, increase.

• increase, decrease.

• decrease, increase.

• decrease, decrease.

When you call Piper's Pizza and order a tasty pie, you are a...

• Producer

• Consumer

• Distributor

Finn gets a job at Taco Bell as the chief taco officer. While at work, Finn is functioning as a...

• producer.

• consumer.

• distributor.

Adriana runs a bicycle shop in downtown Djibouti (the capital of Djibouti). She is the only bicycle rental shop in town until Daisy opens another bicycle rental shop down the street that sells better bikes for less money. Adriana's shop is forced to lower its prices or it will lose all of its customers. This is an example of...

• supply and demand.

• scarcity.

• command economy.

• competition.